If you took depreciation of the rental when filing taxes, and you sell, you are going to get hammered, not only on taxes, but you get taxed on the claimed depreciation for all the years you claimed it.
I have a piece of rental property that I took off the rental market and it is now a second home for me. I need to keep it as a second home for two years in order to avoid all the additional taxes. When I calculated everything between tax on depreciation, capital gains tax, tax on anything I made after paying off any mortage, I was going to lose my BUTT big time.
Make sure you research all the impacts of selling while it is still a rental business.
Mike
